09 - Laserfiche WebLink

SAFEKEEPING OF SECURITIES: As of December 31, 2020, the entire portfolio, exclusive of money market accounts and LAIF was held in Third party safekeeping for the benefit of the City of Pleasanton at Bank of New York Mellon. Bank of New York Mellon is a contractual agent for the City of Pleasanton. COMPLIANCE WITH STATE LAW AND INVESTMENT POLICY: As of December 31, 2020, all investments in the portfolio are authorized by State of California Government Section 53600 et. Seq. Since the City's investment policy has a stricter investment requirement than the State code, Wells Fargo Bank NA (Cusip# 95001 D5Y2) has been identified that does not meet the City's Investment Policy. The security is rated as "BBB+" by Standard & Poor (S&P) rating agency on July 22, 2020 whereas Moody's rating agency rated the security as "A2" on September 2"d, 2020 that is equivalent to "A" rating under S&P's equivalent rating category. Under the State Code, investments are permitted under a rating category of "A" or its equivalent or better by any Nationally Recognized Statistical Ratings Organization (NRSRO). However, the City's Investment Policy limits the security with "A" or better under the S&P rating. Staff has been closely monitoring the security and will report the status on the next quarterly investment report to comply the City's investment policy. SECURITIES RATED BELOW "AA-/Aa3": Rating Issuer Par Value Maturity Date (S&P/Moody) 3M Company $ 2,000,000 02/14/2025 A+ Bank of NewYork Mellon 2,000,000 01/29/2023 A Bank of NewYork Mellon 2,685,000 02/01/2021 A Bank of Nova Scotia 2,000,000 03/07/2022 A+ CitiBank NA 1,000,000 01/23/2024 A+ Paccar Financial Corp 1,330,000 08/15/2024 A+ Toyota Motor Credit Corp 1,200,000 01/11/2022 A+ Toyota Motor Credit Corp 1,180,000 01/11/2023 A+ Toyota Motor Credit Corp 2,000,000 01/12/2022 A+ Toyota Motor Credit Corp 1,000,000 07/20/2023 A+ Toyota Motor Credit Corp 1,600,000 10/07/2024 A+ Truist Bank 2,000,000 03/10/2025 A Wells Fargo Bank 2,000,000 01/15/2021 A+ Wells Fargo Bank 2,000,000 01/15/2021 A+ Wells Fargo Bank NA 3,000,000 03/17/2025 BBB+/A2 Total $ 26,995,000